Joseph L. Grima & Associates P.C. - Practice Areas

Foreclosure

Foreclosure is a lender's action to end a borrower's property interest. If you default on your mortgage or other promissory note, foreclosure is the legal means by which a bank or other secured creditor can repossess your home or other secured property. Foreclosure rules vary from state to state but generally follow the state's Uniform Commercial Code for personal property. Foreclosure rules for real property are generally different and stricter.

Contact the attorneys of Joseph L. Grima & Associates P.C. to assist you if you are facing the possibility of losing your home or other property because you can no longer afford payments.

Repossession

When you finance or lease property such as a vehicle, your creditor holds important rights on the property until you have made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your property.

It is easier to try to prevent repossession of property from taking place than to dispute it afterward. Contact your creditor when you realize you will be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. Remember that even if you return the property voluntarily, you are responsible for paying any deficiency on your credit or lease contract and your creditor still may report the late payments and/or repossession on your credit report.

If you have had property repossessed or if you fear your property may be repossessed due to your inability to make timely payments, contact Joseph L. Grima & Associates P.C. to protect your interests.

Wage Garnishment

A creditor may decide to garnish your wages if you are working and do not already have other garnishments against your wages. A sheriff or other levying official presents your employer with garnishment papers, ordering your employer to take out a certain amount each time you are paid until the debt is paid off. The law requires your employer to withhold the correct amount from your paycheck or be legally liable for it.

Federal law limits the maximum amount that can be garnished to the lesser of 25 percent of your disposable income (what is left after required taxes and so forth are withheld) or 25 percent of your weekly wages that are over 30 times the minimum hourly wage. Up to 50 percent of your disposable income can be garnished for child or spousal support. If your wages are already being garnished for another debt, the second creditor can't garnish your wages unless the first garnishment takes less than 25 percent (or 50 percent for child or spousal support) of your wages.

If you are facing a wage garnishment, contact the attorneys of Joseph L. Grima & Associates P.C. to learn your rights.

Debt Relief

Are you having trouble paying your bills? Are you getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car? You are not alone. Many people face financial crises at some point in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or simple overspending, it can seem overwhelming. But your financial situation doesn't have to go from bad to worse. Consider these options:

• Realistic budgeting
• Credit counseling from a reputable organization
• Debt consolidation
• Bankruptcy

Determining what to do depends on your level of debt, your level of discipline, and your prospects for the future. If you are facing financial difficulties, contact Joseph L. Grima & Associates P.C. today to explore your options.